Launched in 2011, renminbi Qualified Foreign Institutional Investors (RQFII) is aimed at widening investment channels for overseas renminbi-denominated funds. Foreign investors can tap into Chinese stocks, bonds and money-market products through RQFII funds, with A shares ETF being most popular.
As of the end of September, 86 financial institutions from Hong Kong, London and Singapore have obtained the approval of RQFII for value amounting to 283.3 billion yuan, with France, the Republic of Korea and Germany recently gaining the access to the scheme according to the China Securities Regulatory Commission.
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Renminbi becomes the world's ninth active currency with its trading volume rising 2.5 times in the past three years, according to a report by Bank for International Settlements, on May 5, 2013. [Photo/ IC] |
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